Aetna to Acquire Goodhealth Worldwide
HARTFORD, Connecticut, September 4
Acquisition Broadens Aetna Global Benefits' Expatriate Offerings; Expands Global Capabilities and International Presence
Aetna (NYSE: AET) today announced that it has entered into an agreement
to acquire Goodhealth Worldwide, a leading managing general underwriter (or
underwriting agent) for international private medical insurance that offers
expatriate benefits to individuals, small and medium enterprises, and large
multinational clients around the world.
Terms of the acquisition were not disclosed. Aetna expects to finance the
transaction from available cash. The transaction is subject to customary
closing conditions, including applicable regulatory approvals. Aetna expects
to close the transaction within 30 days.
Headquartered in Bermuda and owned by international insurance business
Primary Group, Goodhealth Worldwide is one of the leading and most
experienced providers of international private medical insurance (IPMI) for
expatriates and high-net-worth individuals, with a strong focus on emerging
markets such as Asia and Africa. Goodhealth Worldwide provides:
o an international distribution network in key expat locations;
o multi-sited administration and claims centers;
o expertise in the diverse medical infrastructure available around the
world;
o established systems for handling international health plan design and
multi-currency claims and premium billing.
As well as the above, Goodhealth Worldwide prides itself on its
high-quality customer service model, to its more than 55,000 expatriate
members. It maintains offices in Bermuda, Miami, London, Dubai, Jakarta, Hong
Kong, and Shanghai and has approximately 170 employees.
Goodhealth Worldwide will be a unit of Aetna Global Benefits, the
company's international business for expatriates.
"We believe this acquisition broadens Aetna Global Benefits' expatriate
offerings and significantly enhances its global capabilities and reach," said
Ronald A. Williams, Aetna chairman and CEO. "This transaction fits well with
Aetna's stated strategy of making acquisitions designed to enhance the
company's capabilities and expand into new markets."
"The transaction aligns with Aetna Global Benefits' overall strategy to
grow the non-U.S. expatriate market, meeting the needs of multinational plan
sponsors, insurers, local governments and individuals around the world," said
Martha R. Temple, president of Aetna Global Benefits (AGB). "Goodhealth's
products are complementary to AGB's offerings, allowing us to serve new
markets and also to expand our offerings to current Aetna Global Benefits
customers, which include U.S.-based multinational corporations with global
operations."
Temple added, "Goodhealth has gained considerable brand recognition among
the individual and small employer segments worldwide as well as making
headway with some prestigious larger global accounts. Aetna Global Benefits
intends to leverage this brand presence to strengthen Goodhealth's offerings
to large corporations in existing and new markets."
"We see AGB's acquisition of Goodhealth as a defining moment for us,"
said Martin Garcia, group managing director of Goodhealth Worldwide. "Our
respective business models, product structure, market presence, high-quality
service delivery and corporate cultures complement each other very well. We
look forward to being part of the Aetna Global Benefits family as it seeks to
expand internationally."
About Aetna
Aetna is one of the nation's leading diversified health care benefits
companies, serving approximately 34.9 million people with information and
resources to help them make better informed decisions about their health
care. Aetna offers a broad range of traditional and consumer-directed health
insurance products and related services, including medical, pharmacy, dental,
behavioral health, group life, long-term care and disability plans, and
medical management capabilities and health care management services for
Medicaid plans. Our customers include employer groups, individuals, college
students, part-time and hourly workers, health plans and government-sponsored
plans in both the U.S. and internationally. Aetna's international businesses
include Aetna Global Benefits(R), Aetna's expatriate benefits division that
focuses on providing comprehensive benefit solutions to employees working,
travelling and living in over 100 countries. www.aetna.com
About Goodhealth Worldwide
Goodhealth Worldwide (http://www.goodhealthworldwide.com) is a leading
international health care insurance provider with offices in the key
expatriate centers of Bermuda, Miami, London, Dubai, Jakarta, Hong Kong and
Shanghai.
The company offers a wide variety of international health insurance
policies - including market-leading products - to over 55,000 expatriates and
local nationals in over 100 global locations. In 2006 the company was awarded
best in class for International Medical Insurance by the International
Investment and Cover Excellence Awards.
Source: Aetna
Goodhealth Contact: Martin Garcia, +44-(0)-870-442-7376, mgarcia@goodhealth.co.uk;
Middle East Press Contact: Nicola Gregson, +971-4-311-6789, nicola@fifthring.com;
Europe & Asia Press Contact: James Simpson, +44-(0)-207-623-2368, james@fwdmarketing.co.uk
